Chainsaw: The Notorious Career of Al Dunlap in the Era of Profit-at-Any-Price - Download PDF

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Chainsaw: The Notorious Career of Al Dunlap in the Era of Profit-at-Any-Price - John A. Byrne - Download PDF

Download PDF => Chainsaw: The Notorious Career of Al Dunlap in the Era of Profit-at-Any-Price

Chainsaw: The Notorious Career of Al Dunlap in the Era of Profit-at-Any-Price - John A. Byrne

Al Dunlap was so ruthless in downsizing corporations for short-term shareholder profit that he earned nicknames such as "Chainsaw Al" and "Rambo in Pinstripes." Wall Street loved Dunlap at Scott Paper, where he laid off thousands, but then hated him at Sunbeam, where he himself was finally fired. Chainsaw, by Business Week writer John A. Byrne, dramatically documents the rise and fall of Dunlap, the havoc he wreaked on companies and people's lives, and how he came to power in the first place.

"Chainsaw Al was a creation of the Street and its ceaseless lust for profit at any cost. He came of age when the market routinely rewarded layoffs with lofty stock prices. The more people he tossed out in the street, the higher stock values went," writes Byrne, who cites "cutthroat investors" such as Michael Price and Ronald Perelman for helping Dunlap's rise. Superbly written and researched, the book vividly describes characters and scenes, and reveals the fictions that Dunlap told about himself. How cold was Chainsaw Al? Byrne writes that Dunlap never even attended the funerals for his mother and father. Byrne also tells the story of the questionable accounting and business practices that ultimately brought down Sunbeam and Dunlap, and the investigations that led to a restatement of the company's finances. Dunlap, unhappy about Byrne's reporting, once said of the Business Week writer, "If he were on fire, I wouldn't piss on him." It's a quote that Byrne uses to kick off his last chapter. Chainsaw is a compelling read for those interested in the inner workings of Wall Street and business, or just a well-told story. --Dan Ring

From Publishers Weekly It would be hard to imagine a more scathing indictment of one man's career and character than this blistering saga by Byrne (Informed Consent), a senior writer for Business Week. Dubbed "Chainsaw Al" for his management style, which featured massive layoffs, Dunlap became a business star when he appeared to have turned around the ailing Scott Paper Co. and then arranged its sale to Kimberley-Clark, a move that made millions for Scott's shareholders and executives. After leaving Scott, Dunlap was recruited by mutual fund manager Michael Price to improve the lethargic stock price of Sunbeam, and Dunlap immediately went to work, slashing thousands of jobs and shutting dozens of plants. His strategy was to fatten up the company's bottom line as quickly as possible and then sell the company. But as Wall Street supported Dunlap's tactics by increasing the company's stock price, Sunbeam became impossible to sell. By Byrne's account, Dunlap, desperate to find a way to hide the shortcuts and questionable business practices he had used to "make the numbers" in 1997, went on an acquisition spree, buying three companies at inflated prices. But the acquisitions increased Sunbeam's debt, and when it became clear that Dunlap had lost control of the company, he was forced to resign. During his career, Dunlap created no shortage of enemies, who were more than willing to share their views with Byrne. Byrne captures the chaos that became Sunbeam in this sizzling tale of what can happen when greed trumps all other management considerations. (Oct.)
Copyright 1999 Reed Business Information, Inc.